How to invest in LIC IPO via Upstox in five easy steps
Many Indian startups and companies have been impacted by the Russia-Ukraine crisis, in turn leading to massive volatility in the stock market. IPO plans, too, faced headwinds due to the global situation. However, the much-awaited initial public offering (IPO) of the Life Insurance Corporation (LIC) is likely to open on 4 May and close on 9 May 2022. For anchor investors the IPO opens on 2 May 2022.
The LIC IPO issue size has been reduced to ₹20,557 crore, down from an expected ₹60,000. Among the main reasons behind cutting down the size of LIC’s IPO were the Ukraine-Russia crisis, withdrawal of foreign portfolio investors (FPIs) from the Indian market, and a global increase in inflation and interest rates.
According to the revised DRHP, SEBI has approved a 3.5 percent stake sale instead of the 5 percent that was mentioned in the previous draft. The LIC IPO is expected to contribute a major chunk to the budgeted disinvestment proceeds in the current fiscal year.
Investment platforms like Upstox are offering the option to invest in IPOs through their platform. Upstox is one of India’s largest investment platforms, with over 9.5 million customers. It was founded with the goal to make financial investing simple, equitable, and accessible for all Indian investors.
Here are the 5 simple steps to invest in an IPO via Upstox:
Step 1: Log in to the Upstox application or website with your credentials.
Step 2: Select the IPO that you want to invest in and fill in your application form for the same.
Step 3: Add up to 3 bids within the available price range.
Step 4: Confirm your application.
Step 5: Accept the UPI mandate and block funds through your mobile UPI app.
Upstox users can also apply for IPOs via WhatsApp. This is a first-of-its kind feature and here is a step-by-step guide:
Step 1: Say ‘Hi’ on this WhatsApp number (+91 93212 61102), that deals exclusively with IPO applications, and click ‘IPO’
Step 2: Confirm your number by selecting ‘Yes, proceed’, or if you wish to change your number click ‘No, change no.’
Step 3: Now verify your number by entering the 6-digit OTP sent to you
Step 4: After verification, you will receive details of the latest IPOs. Select the IPO which you want to pre-apply/apply to from the list
Step 5: Now, to proceed, select ‘Apply now’ and if you wish to see other IPOs select ‘View other IPO’
Step 6: You’ll now be asked to enter the price at which you want to place your bid.
Step 7: Now select how many lots you want to apply for between 1-9 from the list. In case you wish to select more than 9 lots click on ‘more’ and mention the maximum number of lots from the given range.
Step 8: You will now get to see a summary of your bid details. To move ahead, select ‘Proceed’ or if you wish to change something select ‘Change bid’
Step 9: Next, you will need to enter your UPI ID
Step 10: Select ‘Accept & proceed’ to submit your IPO application or ‘Decline’ if you change your mind and do not wish to apply for the IPO
Step 11: Once all these steps are completed, you can check your application status from the WhatsApp chat at any time and from anywhere.
You Can Pre-Apply For LIC IPO on Upstox here – https://invest.upstox.com/ipo/